News from NASFAA

Families of Freedom Scholarship Fund Reaches Goal of $100 Million

The Families of Freedom Scholarship Fund campaign announced that the fund has reached its goal of raising $100 million.

Citizens' Scholarship Foundation of America (CSFA) and the Lumina Foundation for Education jointly launched the Fund on Monday, September 17, 2001, to provide education assistance for postsecondary study to dependents--children and spouses--of those killed or permanently disabled as a result of the September 11 terrorist attacks.

A variety of donations—large and small—helped bring the current Fund total to $105 million in cash, commitments and pledges. Commitments include a $20 million gift from the Citigroup Relief Fund and a $10 million gift from the DaimlerChrysler Help the Children Fund. Over 20,000 gifts have been received from individuals, organizations, corporations, foundations and fundraising events in America and around the world.

"I think that people wanted to send a message," said William C. Nelsen, CSFA president. "Scholarships send a message of hope for the future. That's what education is all about."

All the money raised will go to eligible students over the 25-to-30-year life of the Fund. The Fund's estimated distribution for the next five years will be between $1 million and $3 million every year, with an average distribution of more than $4 million annually over the life of the Fund. The increase in awards over time is primarily due to the demographics of eligible scholarship recipients, the majority being young children who will not be graduating from high school for several years.

Currently, the scholarship awards range from $1,000 for students with little or no financial need to $28,000 per academic year for those with greater need. The average award is approximately $13,100 per academic year.

CSFA, on behalf of the Families of Freedom Scholarship Fund and the September 11 Scholarship Alliance, continues to actively register the many families directly impacted by September 11. There are three easy ways to register: phone toll-free 1-877-862-0136 or e-mail scholarships911@csfa.org or Web site www.scholarships911.org.

Former President Bill Clinton and former Senator Robert Dole served as co-chairs of the Families of Freedom Scholarship Fund campaign.

Posted September 11, 2002 on www.NASFAA.org, Web Site of the
National Association of Student Financial Aid Administrators (NASFAA).
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